Did you know that the gaming industry is poised to reach the $300 billion-user mark by 2025? It is indeed, true. According to estimates, there are currently 2.5 billion active gamers around the globe. The growth seems to be exponential, especially this year due to the lockdown. In the future, we will see many people entering the industry, enhancing both the user-base and the businesses.
If you look at the estimates for this year in figures, you will be even more surprised. The statistics say the gamers would likely spend $4.5 billion to get their hands on their favorite games and consoles. They will carry out the expenditure to participate in, what the experts term, immersive gaming. There are inarguably many factors driving user interest, and they will continue to stay in the upcoming years.
These include blending block-chain technology with gaming, increasing usage of the internet and smartphones, and facilities for the developers. There are, of course, some challenges, too, such as online transaction fraud and enforcement of laws and regulations. The issue of piracy is another impediment to free-market growth.
Then there are mainly some more crucial factors creating the hype in the industry. We can attribute many reasons for it. Some experts suggest that the earlier revenue of the sector was from selling. But free games and market trade have also been playing their role.
Keeping the user interest in mind, what matters the most is new developments and features that keep coming. The developers and the sellers know that that’s how they captivate the attention of the end-users. In this regard, it merits looking at some of the latest gaming trends during the ongoing year.
- Online Betting Sites
A new development is an increase in the number of online betting sites. These have been the reason for high investments in the market. Almost every other user participates in online tournaments and invests money in favorite players and teams. They particularly remain on the lookout for betway bonus, even low subscription fees, and newer tech features.
- Gaming Equipment
Another factor driving market growth and giving it the uplift will be the gaming equipment. As human beings, we like change and whatever that’s associated with it. In simpler words, gaming enthusiasts wait for newer and better developments. Better consoles and equipment are what every gamer wants. The arrival of Xbox X and PS5 has brought good news. They offer ultra-high-definition (UHD) resolution and 120 Frames-Per Second (FPS) of 120. Likewise, consoles with fast SSDs promise a faster screen time. For those who love hardware upgrades, Xbox One S still offers a lot.
- Streaming Services
The streaming services will also significantly impact bringing more users and enthusiasts to the gaming industry. Let’s look at it this way. When we talk about the industry, then in addition to the gamers, a vast chunk comprises those watching it. And all of it takes place with the help of high-quality streaming. During the ongoing year, we can expect the streaming to reach newer, higher numbers. And then the high-speed internet is a contributing factor that will further take the streaming to newer heights. We can expect to see bigger, better, and faster tournaments.
- Augmented Reality
Augmented reality is another major factor that can drive the industry’s growth and take it to a whole new level. When we say it would boost industry figures, we refer to the general attention of the user. But when we say it would take the gaming to newer heights, we could witness a significant change. Let us understand this by an example. We have seen an incredible number of people participating in the Pokémon Go.
Other gaming companies would follow suit and bring something that features an augmented reality. In this regard, we can expect millions are to participate in and take this relatively new concept to the top.
- Virtual Reality
Similar to augmented reality, virtual reality is highly influential in the gaming industry. Let’s understand how. Virtual reality is a step farther from augmented reality, and it lets you take your game to another level. The exciting part about this is that one can use existing game consoles and systems to enter virtual reality. An example of the VR is the game Mine craft, which enables an enthusiast to taste the game mode.
Having your friends’ avatars in a single room by utilizing virtual reality seems very exciting. It will gain further popularity, with more companies and developers trying it out.
- Mobile Gaming
Mobile gaming makes up an essential component of the industry as it continues to strive. The two factors that make it possible and keep it consistent are the further rise of the internet and smartphones. Several companies are trying to de-seat the existing companies, but it is undoubtedly a fierce competition. While they compete, they develop more products, thus producing quality games.
- Diversity in Gaming
Another significant development in the gaming sector is the increasing sense of diversity and inclusivity. If we look at it, we will find out that it is in reaction to rising global threats to diversity. So, now developers are focusing on creating games that value, promote, and project diversity. If we think about it, such a move can bring a difference because it would concentrate the youth directly. It would do what college lectures, positive slogans, and global protests could not.
Final Word
Gaming is one of the few industries that have seen consistent growth, even during the lockdown. Undoubtedly, there has been a steep rise in the number of gamers as people are stuck in their homes. It means attracting new customers and expanding the user base. What’s right about this scenario is that there are many developments taking place, as discussed above. It brings good news for gamers and those who are about to step into the industry. Therefore, if you have been thinking about buying an all-new gaming console or subscribing to a new streaming platform, now is the time.